In 2018, vehicle sales took a huge hit – with global sales just increasing by a meagre 400,000 units – due to factors like ride-sharing applications, economic downturn, and stricter automotive regulations. However, these figures haven’t stopped innovators from coming up with creative, state-of-the-art ideas that are set to transform the car experience.
Today’s Latest Automotive Innovations
Check out the latest advances redefining the automotive industry:
- Cars as a Mini High-Tech Office
AI technologies and the Internet of Things (IoT) continue to revolutionize car and device connectivity, electric powertrains, driver-less driving, and shared mobility. Imagine driving with a personal assistant on the road – use voice commands to accomplish tasks, sync to the cloud, and tick off to-do lists while enjoying the ride.
- Connected Car Ecosystems
Experts predict greater car connection in the coming years. This includes advanced driver assistance systems, powertrains, smart interiors, and other services.
As a result, business models will evolve to keep up with this deeply networked environment. Expect the rise of subscription-based features such as Audi’s newest eTron launch. eTron gives Audi vehicle owners the choice to choose connected car features a la carte or by the bundle, creating a truly personalized experience.
- In-Vehicle Marketplace
What if you could purchase any product or service you need in the comfort of your car? It’s now possible to access a load of on-demand services such as food orders, parking and fuel, and deal alerts from connected brands. You can even make restaurant reservations, book hotels, and schedule task-based services such as dog walkers, baby sitters, and more right inside your car.
- Autonomous Cars
Driverless cars have now surpassed their sci-fi beginnings and become reality. Prototypes of autonomous vehicles are now being tested on the road. Autonomous technology companies, mobility service providers, and car manufacturers are now in an arms race to debut the very first working versions of driverless cars, and it won’t be long before they become a common sight on the road.
- Electric Vehicles as the New Favorites
The green trend is starting to overtake the car industry, and is taking with increasing demand for electric vehicles. To date, there are more than 270 start-up companies – on top of big-name manufacturers – that are making their way into the EV industry. Far from their bland beginnings, electric vehicles have now become a legit alternative to their gas counterparts.
Challenges to the Automotive Industry
While the automotive industry is looking forward to exciting changes in the coming years, it’s also facing serious changes from several angles, some of which are:
- The Rise of Ride-Hailing Apps
Ride-hailing apps like Lyft, Uber, Didi, and Grab have become a multi-billion blockbuster for commuters looking for a more convenient way to get to their destination. Valuations of their IPO are expected to beat even some well-established car manufacturers, posing a threat to car sales worldwide.
- Traffic Congestion
One of the biggest reasons for declining car sales is the worsening traffic situation around the world. More people are choosing to carpool or take public transportation instead of driving through traffic and fighting for limited parking spaces.
Ultimately, these changes are set to transform how people experience their cars and the road with more convenience, technology, and connectedness than ever before.